RM625 Million Gone in Fake App Scams | TBT Symptom and Absolute Energy Exposed

A sweeping crackdown on investment fraud in Taiwan has revealed the true scale of two major scams, namely “TBT Symptom” and “Absolute Energy”. Together, they have cost victims more than NT$5 billion (over RM625 million). The cases, now under active investigation, expose how organised criminal networks are exploiting digital platforms to deceive thousands, including vulnerable retirees.

Taiwans Criminal Investigation Bureau recently confirmed the arrest of 21 suspects linked to a sophisticated scam that targeted individuals through the messaging platform Line. Authorities stated that the group engineered highly convincing online communities, designed to resemble legitimate investment circles. Within these groups, members allegedly assumed multiple roles, creating the appearance of active discussions and successful trading activity.

The operation relied heavily on impersonation. Investigators found that the suspects posed as a recognised financial expert to gain credibility and attract victims. Once trust was established, individuals were instructed to download a fraudulent investment application. The app displayed entirely fabricated returns, at times showing profits of up to NT$250 million (over RM31 million), encouraging users to invest larger sums.

One of the most striking cases involved a retired teacher in Taipei, who lost nearly NT$50 million (over RM6 million). The victim reportedly mortgaged his home and committed his entire life savings, believing the returns shown on the app were genuine. Authorities noted that the deception only became clear when he was asked to pay additional “processing fees” amounting to tens of millions, which is a tactic frequently used to extract final payments before cutting off contact.

Police identified two brothers, including Kuo Chi-feng, as central figures in the scheme. Despite lacking any visible source of legitimate income, the pair maintained an extravagant lifestyle. During the arrests, officers seized high-value assets including a Porsche Cayenne, a Mercedes-Benz, multiple luxury handbags and significant amounts of cash, indicating the scale of illicit gains generated by the operation.

At the same time, prosecutors are intensifying efforts against a separate but even larger scheme known as “TBT Symptom.” Authorities allege that the operation defrauded thousands of victims, with total losses exceeding NT$5 billion (over RM625 million). The scheme promoted itself as a decentralised finance platform, offering investment opportunities in cryptocurrency and promising monthly returns of between 3 and 7 percent.

Investigators reported that the platform encouraged participants to invest using cash or ethereum, while introducing a digital token, EGT, as supposed collateral. This structure gave the impression of legitimacy, despite lacking any real underlying value. The alleged ringleader, Chiu Chih-hao, has been detained alongside several associates, with further arrests made as investigations expand.

Chiu has also been linked to the earlier “Absolute Energy” scheme, launched in 2023. That operation claimed to invest in both cryptocurrency and clean energy projects, offering returns of up to 42 percent. Authorities later determined it was a Ponzi scheme, which defrauded more than 300 individuals of approximately NT$270 million (over RM33 million).

While these incidents occurred in Taiwan, the methods used are not confined by borders. Similar scams have already emerged across Southeast Asia, targeting both local investors and Malaysians living abroad.

As incidents like this become increasingly common, tools such as WikiFX can play a vital role in helping individuals verify the legitimacy of brokers and financial platforms. WikiFX offers an extensive database of global broker profiles, regulatory status updates, and user reviews, enabling users to make informed decisions before committing to any financial investment. Its risk ratings and alerts for unlicensed or suspicious entities help investors easily spot red flags and avoid potential scams. By using tools like WikiFX to research a broker's background, individuals can safeguard their hard-earned savings and reduce the risk of falling victim to fraudulent schemes.